Bunge Global SA $BG Shares Newly Acquired by Rakuten Investment Management Inc.

Key Points

• Rakuten Investment Management opened a position in Bunge Global during the third quarter, acquiring 26,233 shares valued at approximately $2.84 million. Institutional investors collectively own 86.23% of the company’s stock.
• Bunge reported quarterly earnings of $2.56 per share, topping the $2.41 consensus estimate, while revenue of $23.80 billion also exceeded expectations and rose 7.4% year over year.
• Analysts’ consensus rating is “Moderate Buy,” with an average price target of $132.38; the stock opened at $99.14 in the latest session described.

Rakuten Investment Management Inc. acquired a new position in shares of Bunge Global SA (NYSE:BG - Free Report) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 26,233 shares of the basic materials company's stock, valued at approximately $2,837,000.

Several other hedge funds have also recently added to or reduced their stakes in BG. Bank of New York Mellon Corp acquired a new stake in Bunge Global in the 2nd quarter valued at approximately $266,653,000. Robeco Institutional Asset Management B.V. increased its position in Bunge Global by 638.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 2,071,356 shares of the basic materials company's stock worth $217,777,000 after buying an additional 1,790,978 shares during the period. Amundi lifted its holdings in shares of Bunge Global by 9.4% during the first quarter. Amundi now owns 1,186,039 shares of the basic materials company's stock worth $150,853,000 after buying an additional 101,942 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in shares of Bunge Global by 3,023.7% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 520,120 shares of the basic materials company's stock worth $54,599,000 after buying an additional 503,469 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in shares of Bunge Global by 3.5% during the first quarter. Swiss National Bank now owns 397,200 shares of the basic materials company's stock worth $50,524,000 after buying an additional 13,500 shares during the last quarter. Institutional investors own 86.23% of the company's stock.

Bunge Global Price Performance

NYSE:BG opened at $99.14 on Friday. The company has a 50-day moving average of $109.12 and a 200-day moving average of $116.71. The company has a market capitalization of $19.05 billion, a price-to-earnings ratio of 16.66 and a beta of 0.70. Bunge Global SA has a 52 week low of $88.24 and a 52 week high of $134.87. The company has a debt-to-equity ratio of 0.50, a quick ratio of 0.65 and a current ratio of 1.50.

Bunge Global (NYSE:BG - Get Free Report) last issued its earnings results on Thursday, October 29th. The basic materials company reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.15. The business had revenue of $23.80 billion for the quarter, compared to analyst estimates of $23.28 billion. Bunge Global had a net margin of 1.24% and a return on equity of 9.34%. The firm's revenue was up 7.4% on a year-over-year basis. During the same period in the previous year, the business earned $2.27 EPS. As a group, equities research analysts anticipate that Bunge Global SA will post 9.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on BG. BMO Capital Markets reissued an "outperform" rating and issued a $150.00 price objective on shares of Bunge Global in a research report on Thursday, August 13th. Weiss Ratings raised shares of Bunge Global from a "hold (c)" rating to a "hold (c+)" rating in a research report on Tuesday, October 27th. UBS Group boosted their target price on shares of Bunge Global from $145.00 to $155.00 and gave the stock a "buy" rating in a research report on Thursday, September 10th. JPMorgan Chase & Co. cut their target price on shares of Bunge Global from $140.00 to $139.00 and set an "overweight" rating for the company in a research note on Monday, October 12th. Finally, Zacks Research downgraded shares of Bunge Global from a "hold" rating to a "strong sell" rating in a report on Friday, October 30th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Bunge Global has a consensus rating of "Moderate Buy" and an average price target of $132.38.

About Bunge Global

Bunge Global is an agribusiness and food company that connects farmers with customers around the world. Its activities include sourcing, storing, transporting and processing agricultural commodities, particularly oilseeds and grains.

The company produces vegetable oils, protein meals, specialty fats and other ingredients used in food, animal feed and renewable fuel markets. It also provides grain and oilseed merchandising and related supply-chain services.

Founded in 1818, Bunge expanded from its European origins into a global business.

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